Nigerian Stock Market Gains N221bn on Nestle Demand

The Nigerian stock market experienced a significant appreciation of N221 billion, driven by heightened investor demand for Nestle Nigeria PLC (NGX: NESTLE) and 32 other companies. Nestle Nigeria's shares gained N150, or 4.84%, closing at N3,250.00 per share.

Consequently, the market capitalization of the Nigerian Exchange (NGX) rose to N126.32 trillion, marking a 0.18% increase from the previous day's N126.1 trillion. The NGX share index closed at 196,807.15 basis points, reflecting an increase of 343.93 basis points, or 0.17%.

Year-to-date, the market has returned 2.1%, with a 26.5% increase in the month. Sector performance was mixed, with the NGX bank index gaining 0.5%, while the consumer goods index rose by 0.1%.

However, the insurance index dipped by 1.6%, and the oil and gas sector declined by 0.2%. The total volume of trade decreased by 21.3% to 634.01 million units, valued at N29.11 billion across 66,286 deals.